Just before the U.S. economy dipped into a recession triggered by the COVID-19 pandemic, new apartment supply in Oakland hit a 20-year high. In the year-ending 2nd quarter 2020, nearly 4,130 new apartments were completed in Oakland, growing the market’s total inventory base by 2%. This delivery volume was essentially in line with the peak of 4,192 units delivered in calendar 2019 and about double the five-year average. In fact, Oakland new apartment supply volumes haven’t been this strong in at least 20 years. Furthermore, Oakland is the only market among the nation’s 50 largest where annual net inventory growth is considerably higher than its five-year norm. Over the last five years, Oakland has delivered a moderate and consistent level of new apartment supply, averaging just under 1,900 units annually and accounting for a 0.9% increase in total inventory growth.
